BimaPay, a leading lending service provider facilitating personal loans for insurance premium payments in India, has announced the successful closure of a $2 million funding round led by LC Nueva Investment Partners.
The investment is poised to fuel BimaPay’s mission to revolutionize insurance technology in India, as reported by the Hindu Business Line.
BimaPay, operating under the entity BimaPay Finsure Private Limited, has emerged as a frontrunner in the realm of insurance technology, streamlining processes to provide seamless solutions for customers and partners alike.
The platform’s unique selling proposition lies in its ability to conduct the entire process in real-time, spanning from customer onboarding, KYC verification, credit checks, e-mandate setup, loan contract signing, to disbursements, all achieved digitally without manual intervention within an impressive timeframe of seven to eight minutes.
BimaPay’s platform not only caters to individual customers but also serves as a boon for partners such as brokers, agents, and POSPs (Point of Sale Persons), empowering them to broaden their customer base and increase their earnings.
By leveraging BimaPay’s innovative solutions, partners can effectively enhance their service offerings while contributing to the expansion of insurance penetration across India.
With this recent funding injection, BimaPay is poised to further enhance its technological capabilities, expand its reach, and strengthen its position as a leader in the insurance technology landscape of India.
